Globalism Destroyed American Jobs
For many years I reported monthly on the jobs reports from the Bureau of Labor Statistics. Over the years the new jobs were consistently in health and social assistance, waitresses and bartenders, and government employment.
Manufacturing jobs making things that could be exported to pay for imports simply were not present.
I emphasized that the jobs offshoring policy associated with globalism was de-industrializing the United States and destroying the middle class and the ladders of upward mobility that had made America an opportunity society. I held accountable the economic professors at Harvard and Dartmouth who promised that the lost of US manufacturing jobs, which they derided as “dirty fingernail jobs,” would be replaced by higher paid clean fingernail tech jobs. No such jobs ever appeared for the displaced manufacturing work force which has ceased to exist.
Fortunately, the US dollar being the world reserve currency allows the US to pay its bills by printing Treasury bonds. As Treasury bonds are the reserves of most foreign central banks, there has been a constant demand for more reserves. Thus, financing the US debt has been no problem. When US debt grows, so do the reserves of the world’s central banks. No problem. David Stockman in 45 years has been unable to learn this.
The problem is internal. Manufacturing jobs are high productivity, high value added. Therefore the wage is high. The replacement jobs–stocking big box store shelves are low productivity. Consequently, the growth of income from wages stagnated and declined. Today American living standards are based more
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LewRockwell.com is a libertarian website that publishes articles, essays, and blog posts advocating for minimal government, free markets, and individual liberty. The site was founded by Lew Rockwell, an American libertarian political commentator, activist, and former congressional staffer. The website often features content that is critical of mainstream politics, state intervention, and foreign policy, among other topics. It is a platform frequently used to disseminate Austrian economics, a school of economic thought that is popular among some libertarians.
